Harneys has advised the Virgin Group in relation to Virgin Atlantic’s £1.2 billion private-only solvent recapitalisation of the airline and holiday business. Its Restructuring Plan has now been sanctioned by the English High Court under Part 26A of the UK Companies Act 2006, and formally recognised in the US court.
Partner Rachel Graham, who led the Harneys team, commented: “It has been a pleasure to work with the Virgin Group and their excellent teams of onshore advisers at Herbert Smith Freehills and Allen & Overy on this important transaction, which by its very nature was complex. It involved a large number of interested and competing parties and had to be completed within a short timeframe. This is another example of Harneys wide bench of knowledge and confirms yet again our ability to act on complex and time sensitive restructuring transactions, something we are seeing more and more of in the current environment”. Rachel was assisted by Associate Adam Legge.
Our dedicated global Restructuring practice group offers specialist expertise required to navigate the complexities which can arise for a distressed company in a cross-border environment. Led by a team of ranked partners, the group works closely with our Transactional, Litigation, Funds, Trusts, Tax and Regulatory teams, providing clients with a seamless service and bespoke legal advice that is tailored to their individual needs.